Aperam Announces Board Changes as Former CEO Joins Directors

Aperam has announced significant changes to its Board of Directors, effective January 1, 2026, involving the transition of its outgoing chief executive to a director role and the departure of a long-serving board member. The Luxembourg-based global steel company revealed that Mr. Timoteo Di Maulo, who will step down as CEO on December 31, 2025, will be co-opted as a Director, with his appointment to be submitted for shareholder approval at the next General Meeting of Shareholders. This leadership shift coincides with the resignation of Mr. Sandeep Jalan, who will leave the Board on December 31, 2025, for personal reasons.

The board changes come at a pivotal moment for Aperam, which positions itself as a leader in the circular economy of infinite, world-changing materials. As a global player in stainless, electrical and specialty steel and recycling with customers in over 40 countries, Aperam's leadership continuity matters to stakeholders across multiple continents. The company's business is organized in four primary reportable segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties and Recycling & Renewables, with a flat Stainless and Electrical steel capacity of 2.5 million tonnes in Brazil and Europe.

Mr. Lakshmi N. Mittal, Chairman of the Board, emphasized the strategic importance of these changes, stating: "I am delighted to welcome Tim to the Board. Having successfully led Aperam for more than a decade, his deep industrial knowledge will be a valuable asset. I must also thank Sandeep for his dedicated service to the company, latterly as a Board member and previously as Chief Financial Officer." This transition ensures that Di Maulo's extensive experience leading the company through its recent transformation will remain available at the highest governance level.

The leadership implications extend beyond corporate governance to Aperam's ambitious sustainability goals. The company has developed a unique capability to produce low carbon footprint stainless and special steels from biomass, stainless steel scrap and high performance alloys scrap. Through its Bioenergia operations with FSC®-certified forestry and ELG, a global leader in collecting, trading, processing and recycling of stainless steel scrap and high performance alloys, Aperam places sustainability at the heart of its business model. Maintaining leadership continuity during this environmental transition is crucial for the company's competitive position.

For investors and industry observers, these board changes signal stability during a period of significant corporate evolution. Aperam reported sales of EUR 6,255 million and shipments of 2.29 million tonnes in 2024, operating across sixteen production facilities in Brazil, Belgium, France, the United States, India and China. The company's highly integrated distribution, processing and services network depends on consistent strategic direction, making the retention of Di Maulo's expertise particularly significant. Further information about the company's operations and sustainability initiatives can be found on their official website at https://www.aperam.com.

The board restructuring reflects broader trends in corporate governance where companies increasingly retain outgoing executives as directors to preserve institutional knowledge during leadership transitions. For Aperam's customers, employees, and shareholders, these changes represent both continuity and evolution as the company continues to execute its strategy of becoming the leading value creator in the circular economy. The steel industry faces increasing pressure to reduce environmental impact while maintaining competitiveness, making experienced leadership transitions particularly consequential for long-term success.